The low price of oil has far-reaching consequences for petroleum producers. Not only jobs and businesses, but national budgets are affected. World production leaders Russia and Saudi Arabia are calling for a freeze on output to keep prices stable.
Norway's trillion-dollar sovereign wealth fund is proposing to drop oil and gas companies from its holdings, saying it already has enough exposure to the industry and wants to protect against fluctuating oil prices.
Crisis-plagued Venezuela has suffered another blow as a committee of creditors has ruled that state oil company PDVSA defaulted on its debt — a decision that triggers payment of default insurance to investors.
Credit ratings agencies have declared Venezuela and its state-run oil company in "selective default." But Russia has offered to restructure the South American country's debt to ensure Caracas pays its other creditors.
Russia says it may restructure Venezuela's debt payments as oil continues to flow between the two allies. Embattled Venezuelan leader Nicolas Maduro is due to meet his Russian counterpart amid an economic crisis at home.
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